Will I Have To Give Up My Child’s Car In My Bankruptcy?

A lot of people give their 16 and 17-year old children cars to drive. But in Florida, a minor child cannot own property. So the car must be titled in the parents’ name. If this is the case, this asset might be unexempt property, or at risk of being taken to pay your creditors. However, a recent case from the Southern Division of Florida clarified how one could keep this from happening. The court said that the parent could own a car as trustee for the minor child and keep this asset away from creditors in a bankruptcy. To find out how to hold the car in trust for the child, or for any other bankruptcy questions, contact an Jacksonville bankruptcy attorney now to discuss your situation.